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Venus : Real Estate Advice

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  • Local Info1
  • Home Buying3
  • Home Selling0
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Activity 6
Fri Aug 2, 2013
Yes, 5% is enough...give me a call :)

K.C. Jones
Gold Financial

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0 votes 3 answers Share Flag
Wed May 1, 2013
Good afternoon Lewis,

I've been helping First Time Buyers for 23 years as a mortgage professional and I will tell you what I have always told my clients here in New York: If you are a First Time Buyer, steer clear of foreclosures and short sales.

Foreclosures are someone else's headache. The home probably has not been well-maintained and you're a First Time Buyer adjusting to paying a mortgage. Do you really want to walk in the door to someone else's deferred maintenance that YOU will have to pay for? Also, if you're thinking there are deals to be had in terms of lower prices, mostly those "deals" go to professional investors who can pay cash, negotiate hard with a Lender, and close fast.

For Short Sales, my attitude of late is that First Time Buyers should steer clear. Short Sales tend to be a better deal for the homeowner than for the Buyer. You'll wait MONTHS for the homeowner's Lender to approve the short sale; maybe as long as Six or Seven Months. Meanwhile, you're stuck in a contract to buy that home. I closed a short sale recently with a Buyer who, after seven months said this at the closing table, "I don't even want this house anymore."

And he didn't even get the "deal" on price he thought he was getting! The house appraised for only slightly more than he paid for it at the short sale price. He walked into this deal thinking he was buying a home for $100,000 less than it's value. In the end that wasn't the case.

There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
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Sun Jun 3, 2012
I am reminded fondly of the John Prine song after answering your question, thanks for making me smile and pull out the vinyl and play it this morning!

"I met a girl from Venus, her insides were lined with gold...Pretty good, not bad, I can't complain, but actually, everything is just about the same"
What a guy, John Prine!
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0 votes 2 answers Share Flag
Sun Dec 26, 2010
Don Groff answered:
Yes you can depending on your credit worthiness. FHA requires a 3.5% down payment and Conventional requires a 5% down payment. With conventional financing you can opt to have one loan similar to FHA with monthly mortgage insurance or you can opt for 2 liens (again if you qualify). The first lien is for 80% and the second would be for the remainder of the balance. This can be beneficial because although the rate will be higher for the smaller second lien you are avoiding the monthly MI with this option.

As mentioned in various areas you may qualify for USDA which allows for 100% financing including closing costs depending on certain aspects.

Don Groff
REALTOR | Mortgage Broker
Keller Williams Realty | 360 Lending Group
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0 votes 8 answers Share Flag
Fri May 16, 2008
Mark Chovan answered:
You can check the local news paper, and web sites like Craigslist. You can also use my site, look under the MLS listings tab and enter in your data.
0 votes 4 answers Share Flag
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